Payday Loans in Singapore | Cash Advances Just For You

Rates as low as 2% monthly. Cash disbursement in 5 mins. Extra perks for good credit history.

What does “payday loan” mean?

Urgently need money before your salary comes in? This is where a payday loan helps. A payday loan is a very short-term loan – i.e. one instalment with a 30-31 day-tenure – to help you get by until you receive your salary.

More importantly, a payday loan is usually smaller than your salary. This lets you pay it off without incurring more debt. Payday loans in Singapore are also known as a payday advance loan. Applying for a payday advance loan online is preferred because you can do it anytime.

How does a payday loan in Singapore come in handy?

When you need cash for time-sensitive payments	When you don’t have a stellar credit score	When you’re looking for a fuss-free application process	When you’re not looking to get so many ticks off a requirement list
As a payday loan is here to help when you need to keep your head above water for the month, it is a sigh of relief when you can get the funds to sort out any urgent expenses or bills.	Having a not-so-ideal credit score may not always attract some loan providers like banks or private financial institutions. But licensed money lenders in Singapore understand your struggles, and are always more than happy to offer payday loans even if you don’t have great credit.	Payday loan providers are not too concerned about your credit score and neither and they offer simple application forms and the option of Singpass even, to make it extra smooth for you. On top of it all, payday loans are unsecured — which means more time is saved as you don’t have to use any collateral!	Money lenders know that you’re in need of cash, urgently, which is why payday loans in Singapore are the go-to choice for its minimal loan requirements. All they ask of you is to pay off the loan by the stated deadline, so you really don’t have much to worry about your eligibility!

Why apply for a payday loan with us?

1. Cost-effective interest rates

Galaxy Credit is a licensed money lender, so our private money lending rates for a payday loan is capped at 4% a month. You’ll never be charged more than that when you obtain a payday loan from us.

2. Fast application approvals

Our loan officers will process your payday advance loan application efficiently and strive to approve the payday advance loan swiftly. We know how quickly you need funding when you apply for a payday loan.

3. Experienced, reputable, and reliable

Galaxy Credit has been operating for almost 15 years, offering payday loans in Singapore as well as a variety of other loans, such as wedding loans, renovation loans and debt consolidation loans. We’ve earned the trust of our loyal customers who’ve taken up payday loans and other loan types.

4. Tailored loan solutions

We take pride in our work — our team will carefully assess our customers’ financial situations to understand what loan and terms will suit them best. Whether it’s a longer loan tenure or more affordable rates, we offer fully customised loan solutions that meet your unique requirements.

Get the cash you need to tide over the month with our payday loan. We’re here to help.

FAQs About Payday Loans in Singapore

Q1. What can I use a payday loan for?

You’re not restricted to what you can use a payday loan in Singapore for. This isn’t the case for certain other loan types, such as a renovation loan. Payday loans can be used for any emergency, whether large or small. In Singapore, payday loans are reliable when you need cash instantly.

Q2. How can I speed up my payday loan application?

Whether you applied for your payday advance loan online or at Galaxy Credit’s office, we’ll process your payday loan application as fast as we can. However, if you genuinely need same- or next-day approval and funds disbursal for your payday loan, here’s how to expedite the application process and improve your odds:

Get every supporting document ready before starting your payday loan application and bring the original copies down to our office. We’ll verify your identity and income, and return the documents right away. The full list is detailed above (“Requirements to Apply for a Payday Loan in Singapore”).
Having a guarantor for your payday loan in Singapore increases the chances of your payday loan application getting approved while speeding the approval process up. That’s because a guarantor improves the likelihood of the payday loan being repaid.
Apply for a payday loan once Galaxy Credit opens at 11am. Otherwise, apply for your payday loan online one night ahead of time. This gives us more time to process your payday loan application. If everything is in order, they can approve your payday loan in minutes.

Q3. How will a payday loan affect my credit score?

Applying for payday loans online or in person, and taking up a payday loan won’t harm your credit score. However, repaying your payday loan late or defaulting on a payday loan’s repayment can put a dent in your credit report. No matter who you take up a payday loan from or whether you opt for a business/personal loan, it’s important to repay instalments on time.

If you can’t repay your payday loan punctually, consider alternative financing options. These include loans with longer tenures or pawning your valuables.

Q4. What makes a payday loan different from other loan types?

A payday loan is an unsecured loan with one instalment and a tenure that’s 30-31 days long. From our experience, a payday loan ranges from S$100 – S$1,500, depending on the salary.

Here’s how two common loan types from licensed money lenders in Singapore function and how they differ from a payday loan:

Personal Loan: An unsecured loan at least 12 months long with an equal number of instalments. Usually, applicants would borrow up to six times their monthly income. In short, the amount and tenure are greater than a payday loan.
Debt Consolidation Loan: A secured or unsecured loan up to 12 months long with an equal number of instalments. This pools all your outstanding loans into a single loan that has a lower interest rate. A debt consolidation loan’s amount and tenure are greater than a payday loan as well.

Essentially, a payday loan is meant to resolve a relatively minor one-off emergency that has caught you off-guard.

Q5. What are the eligibility requirements for a payday loan in Singapore?

To qualify for a Singapore payday loan at Galaxy Credit, simply meet the following criteria:

Be 18 years old and above with a stable income. As long as you can prove you’re drawing a steady income, you’ll be able to apply for a payday loan.
Be a Singapore Citizen, Permanent Resident, or Employment Pass or S Pass holder. In general, if you’re legally employed in Singapore, you can apply for a payday loan.
Provide your NRIC or passport, and for Foreigners, your employment pass
Provide proof of residence. For example, a utility bill bearing your name and residential address in Singapore. This is crucial to prove your identity for your payday loan application.
Provide proof of income. This can consist of your latest Income Tax Assessment Notice or latest three payslips. This determines how much you’re eligible to borrow for your payday loan.

If you have more supporting documents for your payday loan application, such as your credit report (if you have a good score), provide them too.

Q6. How can I start applying for a payday loan in Singapore?

Submit your payday loan application with your supporting documents online.
Be notified of your payday loan application in 20-30 minutes.
Head down to our office to sign the loan offer and get your cash in-hand or via PayNow.

Payday Loans in Singapore | Cash Advances Just For You

What does “payday loan” mean?

How does a payday loan in Singapore come in handy?

When you need cash for time-sensitive payments

When you don’t have a stellar credit score

When you’re looking for a fuss-free application process

When you’re not looking to get so many ticks off a requirement list